Cyprus-based company Maveco Holdings, will buy a 35.2-hectare plot South-East of Bucharest, on the Theodor Pallady boulevard, from  Lebanese -owned chemical producer Chimopar. Maveco has pledged to pay EUR 18 million (without VAT) for the land plot and support the cost of demolition for the buildings on site .

The other bidder in the process, Interprime Properties, the real estate fund in the Ikea group, had offered EUR 22 million for the piece of land. Interprime Properties's offer however included the condition that Avrig 35 and Cascade Group also sell the 31-hectare plot adjoining Chimopar's land. Chimopar has not received any notification on the understanding between Chimopar and Avrig 35, therefore chose the other bidder, according to the company. Read Chimopar's announcement here (in Romanian).

Maveco Holdings owns Sidar Dezvoltare Imobiliare in Romania, a company which was created in September this year, according to the Finance Ministry. Chimopar, owned by Lebanese businessman Imad Jaffal, is listed on the Bucharest Stock Exchange (symbol CPR) and posted a turnover of EUR 2.6 million last year, together with a loss of over EUR 700,000.

editor@romania-insider.com

(photo source: Sxc.hu)